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BREAKING: Naira Crashes Again At Black Market..See New Exchange Rate
It was reported earlier that the Nigerian official currency, Naira has fallen again against the United States dollar exchanging at N587/$1 weeks after a steady exchange rate of N570/$1.
A survey conducted by reports at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, on Saturday afternoon, March 26, 2022, showed that the naira to usd exchanged at N587/$1, failing to maintain the N570 position of 1 dollars to naira it stood for weeks, months after USD to naira exchanged for N530/$1.
It was also reported that the players at the parallel market better known as the black market bought a dollar at N581 and sold for N587 on Saturday afternoon, March 26, 2022, after they bought N577 and sold for N584 on Friday, March 25, 2022.
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The exchange rate between the naira to dollar and dollar to naira on Wednesday showed that the Nigerian official currency, Naira has fallen against the United States dollar months after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021
Meanwhile, Sources reports that this is coming months after the Central Bank of Nigeria (CBN) had on July 27, 2021, suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks. The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20
Even though the dollar to naira opened at the parallel market (black market) at ₦587 per $1, It was also gathered that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.